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Abstract(s)
Na União Europeia (UE), a obrigatoriedade de aplicação de normas internacionais de contabilidade (IFRS) a contas consolidadas de entidades com valores mobiliários admitidos à negociação em mercados regulamentados, desde 2005, deu um novo impulso ao processo de harmonização, fazendo com que os diferentes Estados-Membros replicassem as IFRS nos seus normativos locais. Este processo desencadeou diversos estudos sobre a qualidade relativa e a comparabilidade entre as IFRS e as normas locais. Em Espanha verificou-se, inicialmente, uma aproximação do normativo local às IFRS, em sintonia com o processo de harmonização contabilística em curso na UE. Porém, na sequência da Diretiva 2013/34/UE, verificaram-se, em 2016, alterações ao plano de contas Espanhol, designadamente na área dos ativos intangíveis e goodwill que levaram a um afastamento entre aqueles dois normativos. Neste contexto, o objetivo desta dissertação consiste em estudar empiricamente eventuais diferenças na qualidade da informação financeira produzida segundo IFRS ou normas locais, antes e depois de 2016, através da comparação de empresas cotadas no mercado principal regulamentado de Madrid, que utilizam IFRS, e entidades cotadas no Mercado Alternativo Bursátil, que utilizam normas locais, com base nos atributos geralmente utilizados na literatura para avaliar a qualidade da informação financeira: relevância; tempestividade; valor preditivo; e qualidade dos accruals. As evidências divergem consoante o atributo, sendo que existem diferenças significativas entre os dois normativos em todos os casos, com exceção da tempestividade.
In the European Union (EU), an obligation to apply International Accounting Standards (IFRS) for consolidated accounts of securities holders admitted to trading on regulated markets since 2005 led to a new step on the harmonization process, making different Member States replicate IFRS in their local regulations. This process has triggered several studies on the relative quality and comparability between IFRS and local standards. In Spain, initially, there was an approximation of local regulations to IFRS, in line with the ongoing EU accounting harmonization process. However, following Directive 2013/34/EU, there were changes in the Spanish chart of accounts in 2016, notably in the area of intangible assets and goodwill which led to a departure between those two standards. In this context, the objective of this dissertation is to empirically study possible differences in the quality of financial information produced under IFRS or local standards, before and after 2016, by comparing companies listed in the regulated main market in Madrid, using IFRS, and entities listed on the Alternative Stock Market, which use local standards, based on the attributes generally used in the literature to assess the quality of financial information: relevance; timeliness; predictive value; and quality of accruals. Evidence shows different conclusions depending on the financial information attribute. There are significant differences between the two standards in terms of all the attributes instead of in terms of timeliness.
In the European Union (EU), an obligation to apply International Accounting Standards (IFRS) for consolidated accounts of securities holders admitted to trading on regulated markets since 2005 led to a new step on the harmonization process, making different Member States replicate IFRS in their local regulations. This process has triggered several studies on the relative quality and comparability between IFRS and local standards. In Spain, initially, there was an approximation of local regulations to IFRS, in line with the ongoing EU accounting harmonization process. However, following Directive 2013/34/EU, there were changes in the Spanish chart of accounts in 2016, notably in the area of intangible assets and goodwill which led to a departure between those two standards. In this context, the objective of this dissertation is to empirically study possible differences in the quality of financial information produced under IFRS or local standards, before and after 2016, by comparing companies listed in the regulated main market in Madrid, using IFRS, and entities listed on the Alternative Stock Market, which use local standards, based on the attributes generally used in the literature to assess the quality of financial information: relevance; timeliness; predictive value; and quality of accruals. Evidence shows different conclusions depending on the financial information attribute. There are significant differences between the two standards in terms of all the attributes instead of in terms of timeliness.
Description
Keywords
Harmonização contabilística IFRS Normativo Local Qualidade dos resultados Qualidade dos accruals Accounting harmonization Local standards Results quality Accruals quality